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Yesterday, Saudi Arabia published its budget and expenditure guidance for yr 2015. We all know that Saudi Arabia’s income is tied to its leading position as an oil export. Their budget is based on the assumption of the Avg. oil price (Brent) around $80.
Saudi King Abdullah asserted a note of caution in the budget announcement, instructing officials to consider these developments by ‘rationalizing the expenditure.’
Today the oil price stayed firm around $55 (US WTI) and $60 (Brent).
AlexRT from Los Angeles
